Last week, the cracks in the buoyant US biotechnology sector started to show. The NASDAQ biotechnology index, which peaked at 2,854 at the end of February, started to slip at the start of March and last week took a 4.4 per cent drop in a single day's trading - its sharpest decline since 2011. New life sciences entrants to public markets have commanded ambitious valuations over the last 12 months - both in the US and the City - but, probably wisely, London's latest newcomers have shown some much-needed realism in their offerings.
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